Property briefs

Global property services group CBRE posted a 24 per cent rise in EBITDA for the 2012 full year, to $US861.6 million. CBRE posted record revenue of US$6.5 billion, up 10 per cent on the year prior. Full-year EBITDA for the Asia Pacific fell almost 2 per cent in US dollar terms, to $US80.6 million. But it surged more than 26 per cent in the final quarter, to $US38.5 million. The stronger performance for the region reflected improved conditions in countries such as Australia and Singapore, CBRE said. “Stronger performance on the transaction side of the business supplemented activity from professional services which was strong throughout 2012," CBRE president and chief executive for Australia and New Zealand, Tom Southern, said of the final quarter performance.Ainslie Chandler

Singaporean group Rockworth Capital Partners has bought the Phoenix Shopping Centre in Perth’s Spearwood for $75.8 million. The purchase builds on Rockworth’s purchase of the Altone Park Shopping Centre last year. The centre, anchored by Coles and Woolworths, was sold by private group Volley Investments. Colliers International’s Mark Werrett brokered the sale and lawyers Norton Rose Australia provided advice to the buyer. Ben Wilmot

Superannuation fund REST has accused
FKP Property Group
of acting in self interest by proposing a merger of two of its managed vehicles. As The Australian Financial Review revealed last week, the combined $825 million entity would create the largest listed retirement real estate trust on the ASX 200. The move depends on investors in RVG, a large wholesale fund, agreeing to the plan. A spokesperson for REST, an RVG investor, poured cold water on the merger, citing concerns about FKP’s capacity to execute it. The pension fund said, “The motives behind the proposed merger related to FKP’s agenda to clean up its own balance sheet." REST stressed that any solution would require “support from all investors". A source cautioned that RVG, which owns retirement villages in some of the country’s wealthiest suburbs, “may hit a wall" given that it is in breach of its covenants and any attempt to sell down its 42 per cent stake in a listed retirement company in New Zealand is likely to trade at a hefty discount. Gretchen Friemann